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Foundations of Real Estate Management

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BOMA International®

Module 1: Real Estate Administration

Day in the Life of a Real Estate Manager

Foundations of Real Estate ManagementModule 1: Real Estate Administration

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Objectives Describe and discuss principal forms of real estate

ownership, basic ownership strategies, and main types of ownership interest

Describe and discuss the role and responsibilities of a property manager

Define fiduciary duty, and explain how this duty pertains to the property manager’s relationship with the owner of the building

Describe and discuss the various members of the property management team and their property management responsibilities


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Mayor of Your Own City


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Putting It Into Practice

How is the property manager like the

mayor of a city?


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Typical Day


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What is a typical day like for a property

manager?


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Don’t Forget

The property manager works for only one master…

The ownerThe owner


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The Management Agreement

Read it!

Abstract it!

Know it!

Live it!


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Fiduciary Duty

Fiduciary relationship:

A relationship characterized by trust and confidence, in which an agent is bound by obligations of good faith, honesty, and loyalty.


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Fiduciary Responsibility

The most common reason for litigation against a property manager:

suspicion of breached fiduciary responsibility.


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Owner’s Strategies

Long-term hold Short-term hold Cash flow Terminal value Disposition The strategy is implemented

with tactics


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Owner Types

Publicly traded Privately held Real Estate Investment Trusts

(REITs) Can be public or private


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The Role of the Asset Manager

Private investors Direct relationship with owner

Institutional investors Asset manager between owner

and PM


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Property Management Companies

Third party Owner-managed Corporate


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Who is on the property management

team?


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Which of the people on the property

management team work for the property

management company and which work

for a vendor?


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Team Leader

Work with/lead your team Understand and carry out the

owner’s strategy What have you done to add value? Gatekeeper for your owner


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The Property Manager of Tomorrow…Today

Training and education will never end

Industry is changing rapidly Increasingly sophisticated career Be active in BOMA!

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